Matador Resources Company (NYSE: MTDR) (“Matador” or the “Company”) today announced the closing of its previously announced acquisition of approximately 13,600 net acres, most of which is undeveloped acreage, from Ridge Runner Resources II, LLC (“Ridge Runner” and such acquisition, the “Ridge Runner Acquisition”), a portfolio company of EnCap Investments L.P. (“EnCap”). Highlights of the Ridge Runner Acquisition and Matador’s other acquisitions and well results in the Woodford play include:

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  • Ridge Runner Acquisition, combined with Matador’s prior acquisitions of approximately 36,000 net acres through our longstanding “brick-by-brick” strategy, establishes an acreage position in the core of the Woodford play of approximately 50,000 net acres, acquired at an average cost of $4,000 per acre across more than 400 separate transactions.

  • Adds over 150 net operated Woodford locations (normalized to two-mile laterals), acquired at approximately $1.3 million per net location, which is highly competitive as compared to recent industry transactions. This location count does not include identified additional prospective locations in the Barnett formation, which could be added after testing and delineation.

  • Sustained outperformance from Matador’s Rae’s Creek Woodford well (as noted on the map on slide 1), which has produced on average over 1,000 barrels of oil per day in its first 100 producing days for cumulative production of over 100,000 barrels of oil.

  • Matador’s second Woodford well is expected to be drilled in the fourth quarter of 2026 (as noted on the map on slide 1) with plans to drill up to 15 wells by year-end 2027.

  • Contiguous acreage position allows for optionality for delineation wells, extended reach laterals, large batch developments and multi-well completion capabilities, which are expected to lead to further 2027 drilling and completion capital efficiencies.

Joseph Wm. Foran, Matador’s Founder, Chairman and CEO, commented, “Matador is excited to close yet another important transaction with EnCap and would like to acknowledge the hard work, dedication and professionalism of the Ridge Runner, EnCap, and Matador teams. Matador has now completed the final transaction of the four catalysts previously identified for 2026. This transaction enhances and strengthens our previously established position in the Woodford play and Delaware Basin inventory base, which now extends over 15 years.

“We are pleased to report, in connection with our Woodford catalyst, that our Rae’s Creek Woodford well is estimated to outperform expectations, with results on track to surpass our initial estimated ultimate recoveries (“EUR”) of 800,000 barrels of oil. Encouraged by these results, we plan to drill a second Woodford well this quarter to help delineate the Woodford play as we transition into an active 2027 development schedule. Matador’s 2027 Woodford strategy will emphasize multi-well batch drilling, three-mile lateral lengths, and co-development with adjacent horizons—key initiatives designed to drive capital efficiencies toward our target of 30–40% Woodford well-cost savings.”

Mr. Foran continued, “When we combine the strong results from the Rae’s Creek well, expected capital efficiencies in our 2027 plan, and potential future volumes contributing to Matador’s wholly-owned midstream assets in these areas, we have a very positive outlook about the integration of these assets into Matador’s operating plan and the contributions to Matador’s free cash flow generation and to its planned debt repayments. At present, we expect debt repayments by the end of the year to reach between $350 to $400 million.”

About Matador Resources Company

Matador is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays. Its current operations are focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. Matador also operates in the Haynesville shale and Cotton Valley plays in Northwest Louisiana. Additionally, Matador conducts midstream operations in support of its exploration, development and production operations and provides natural gas processing, oil transportation services, oil, natural gas and produced water gathering services and produced water disposal services to third parties.

For more information, visit Matador Resources Company at www.matadorresources.com.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. “Forward-looking statements” are statements related to future, not past, events. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “could,” “believe,” “would,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “should,” “continue,” “plan,” “predict,” “potential,” “project,” “hypothetical,” “forecasted” and similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements include, but are not limited to, statements about the Ridge Runner Acquisition, the anticipated benefits, opportunities and results with respect to the Ridge Runner Acquisition, including the expected value creation, reserves additions, inventory additions, midstream opportunities and other anticipated impacts from the Ridge Runner Acquisition, the expected results and commercial viability of the Company’s Woodford acreage and future development thereof, as well as other aspects of the Ridge Runner Acquisition, guidance, projected or forecasted financial and operating results, future liquidity, the repayment of debt, the payment of dividends, results in certain basins, objectives, project timing, expectations and intentions, regulatory and governmental actions and other statements that are not historical facts. Actual results and future events could differ materially from those anticipated in such statements, and such forward-looking statements may not prove to be accurate. These forward-looking statements involve certain risks and uncertainties, including, but not limited to, disruption from the Ridge Runner Acquisition making it more difficult to maintain business and operational relationships; significant transaction costs associated with the Ridge Runner Acquisition; the risk of litigation and/or regulatory actions related to the Ridge Runner Acquisition, as well as the following risks related to financial and operational performance: general economic conditions including the effects of inflation; interest rates; tariffs and trade tensions; the Company’s ability to execute its business plan, including whether its drilling program is successful; changes in oil, natural gas and natural gas liquids prices and the demand for oil, natural gas and natural gas liquids; its ability to replace reserves and efficiently develop current reserves; the operating results of the Company’s midstream oil, natural gas and water gathering and transportation systems, pipelines and facilities, the acquiring of third-party business and the drilling of any additional salt water disposal wells; costs of operations; delays and other difficulties related to producing oil, natural gas and natural gas liquids or the construction, expansion or operation of the Company’s midstream assets; delays and other difficulties related to regulatory and governmental approvals and restrictions; impact on the Company’s operations due to seismic events; its ability to make acquisitions on economically acceptable terms; its ability to integrate acquisitions; disruption from the Company’s acquisitions making it more difficult to maintain business and operational relationships; significant transaction costs associated with the Company’s acquisitions; the risk of litigation and/or regulatory actions related to the Company’s acquisitions; availability of sufficient capital to execute its business plan, including from future cash flows, capital markets, available borrowing capacity under its revolving credit facilities and otherwise; the operating results of and the availability of any potential distributions from our joint ventures; weather conditions, environmental conditions and natural disasters; evolving cybersecurity risks; and the other factors that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. For further discussions of risks and uncertainties, you should refer to Matador’s filings with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of Matador’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. Matador undertakes no obligation to update these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by law, including the securities laws of the United States and the rules and regulations of the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.

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